OPEC Loses $1trn To Oil Decline In Two Years

The Secretary General of the Organization Of Petroleum Exporting Countries (OPEC),  Mohammed Barkindo, says member countries have lost one trillion dollars worth of oil revenue to the fall in global oil prices between 2014 and 2016.

The OPEC scribe, added that these losses were in terms of deferred and outright cancellations of projects across its entire value chain.

Barkindo, who revealed this during a visit to the Minister of State for Petroleum, Dr. Ibe Kachikwu, commended his measures to solve Nigeria’s longstanding challenges with joint venture cash-call obligations.

 

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